Home Sales Slipped in June, FHA Loan Holders Have to Wait, Women Outnumber Men Among Unmarried Homeowners
- Nationwide, existing home sales slipped 1.2% in June compared with May, and inventory rose 1.9%. However, sales were up 15.2% compared with June 2012. The median rose 13.5% year over year to $214,200.
- Buyers who had FHA loans may have to wait only 3 years after foreclosure/short sale if they can prove that a hardship such as job loss or death of a wage earner led to foreclosure or short sale. Freddie Mac’s wait is 4 years post short sale or deed-in-lieu and 7 years post foreclosure. Fannie Mae may require a 7 year wait after a foreclosure, but only 2 years post a short sale with a 20% down payment.
- Middle age women ages 45-54 have become the fastest growing group of single female home owners, up 120% from 1982-2012. Women have outnumbered men among unmarried home owners since 1982 when the Census Bureau started collecting such data.
- Foreign purchase of real estate in the U.S. is down 17% for the 12 month period ending in March from $82.5 billion to $68.2 billion. Homes over $1,000,000 dropped to 6.5% of foreign sales from 10%. Analysts attribute this to the slow-down in China and Brazil.
“We see our fair share of foreign purchases on Cape Cod. Popponesset and Falmouth have a high concentration of Russian, Irish and other European purchasers.” – Lynette Helms, Real Estate Associates CEO
Data from Realtor.com